O’keefe Stevens Advisory, an investment advisory firm, released its fourth-quarter 2024 investor letter. A copy of the letter can be downloaded here. 2024 was an eventful year for the fund, and its largest position, Nvidia (NVDA), grew over 170% as business remained robust. The 2024 results were satisfactory, with Nvidia and Fannie Mae (FNMA & FNMAS) showing positive performance, while Warner Brothers Discovery (WBD), Graftech (EAF), and GreenFirst Forest Products (ICLTF) significantly underperformed. In addition, please check the top 5 holdings of the strategy to know its best pick in 2024.
In its fourth quarter 2024 investor letter, O’keefe Stevens Advisory emphasized stocks such as Five Point Holdings, LLC (NYSE:FPH). Five Point Holdings, LLC (NYSE:FPH) owns and develops mixed-use and planned communities. The one-month return of Five Point Holdings, LLC (NYSEE:FPH) was 59.73%, and its shares gained 85.85% of their value over the last 52 weeks. On February 10, 2025, Five Point Holdings, LLC (NYSEE:FPH) stock closed at $5.91 per share with a market capitalization of $878.386 million.
O’keefe Stevens Advisory stated the following regarding Five Point Holdings, LLC (NYSE:FPH) in its Q4 2024 investor letter:
“In our previous letter, we mentioned Luxor’s exit from Five Point Holdings, LLC (NYSE:FPH), as Robert Robotti acquired a substantial portion of their stake, reducing selling pressure. From September 23rd to October 3rd, Five Points stock price increased ~31%. Several days later, longtime shareholder Castlelake announced the sale of their stake to the Glick Family Office, led by CIO Sam Levinson, who was added to the board and has a background in real estate. The stock subsequently retreated, finishing the year up 23%, outperforming the Russell 2000 and on par with the performance of the S&P 500. It was a volatile end to the year amid a relatively stable asset. Business performance was strong throughout the first three quarters, as land sales and land prices continued to trend positively. In Q2 2024, Five Point sold 12 acres of Great Park land for an average price of $7.8m/acre, up from $4.3m in the same period the previous year. Management further stated that land prices have moved higher, with prices per acre in the $9m range. We believe the stock remains attractive and expect 2025 to be another good year.”
A birdseye view of a vibrant neighborhood, showcasing the diversity of residents living in a mixed-use community.
Five Point Holdings, LLC (NYSEE:FPH) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 14 hedge fund portfolios held Five Point Holdings, LLC (NYSEE:FPH) at the end of the third quarter which was 10 in the previous quarter. In the fourth quarter, Five Point Holdings, LLC (NYSE: FPH) reported a net income of $121 million and a total net income of $177.6 million for the entire year. While we acknowledge the potential of Five Point Holdings, LLC (NYSEE:FPH) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
In another article we discussed Five Point Holdings, LLC (NYSE:FPH) and shared Third Avenue Small-Cap Value Fund’s views on the company. In Q4 2023 investor letter, O’keefe Stevens Advisory highlighted Five Point Holdings, LLC (NYSE:FPH) as their top pick for 2024. In addition, please check out our hedge fund investor letters Q3 2024 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.